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set off of losses

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(Querist)
15 July 2010 hi
Should we set off the loss brought forward of trust excluding the basic exemption limit or should we set off the entire profit against brought forward loss.
Eg:Profit Rs. 400000
BF losses 900000
So should we set off only Rs.240000/- after leaving the basic exemption of 160000/-.

2.For how many years can we carry forward the losses.
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srinath

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srinath (Expert)
15 July 2010 hey
Loss can be set off to the extent possible. Since there is nothing specifically given in the act regarding this, loss can be set off to the extent of 240000/-. and the balance can be carried forward for 8 years
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NIKHIL PRAHLADKA

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NIKHIL PRAHLADKA (Querist)
15 July 2010 thanks srinath
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